U.S. Bank Premier Loan review April 2021 | finder.com
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U.S. Bank Premier Loan review

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You'll need to be a customer for at least three months to qualify for this small personal loan.

finder.com’s rating: 3.5 / 5.0

★★★★★

Bottom line: U.S. Bank customers can take advantage of competitive rates. But the short loan term and limited loan amount may not be enough for some borrowers.

$25,000

Max. Loan Amount

6.49% to 16.99%

APR

Details

Product NameU.S. Bank Premier Loans
Min. Loan Amount$3,000
Max. Loan Amount$25,000
APR6.49% to 16.99%
Interest Rate TypeFixed
Loan Term12 to 60 months
Turnaround TimeA few business days

Pros

  • Competitive APR from 6.49% to 17.99%
  • No origination fee
  • Discounts for green home improvement loans
  • No collateral required
  • Lines of credit available

Cons

  • Low maximum loan amount of $25,000
  • Longer turnaround compared to online lenders
  • Must have a Silver, Gold or Platinum account for three months

Expert review

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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for everyday people to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise.

Expert review

U.S. Bank’s personal loans are ideal if you’ve been a customer with the bank for at least three months — you won’t qualify otherwise. Its loans come with competitive rates that max out relatively low compared to other lenders out there. You can also qualify for a rate discount if you’re using the loan for green home improvements.

But its loans max out at $25,000. And like many banks, it’s not the fastest option out there: It can take a few days to get your funds after approval.

Not sold on U.S. Bank? Compare your other options below.

U.S. Bank rates, fees and terms

U.S. Bank offers relatively low loan amounts of $3,000 to $25,000. While this is more limited than other lenders, U.S. Bank also offers competitive rates ranging from 6.49% and 16.99%. Loan terms are also short, lasting from 12 to 60 months.

Use our calculator to estimate your monthly repayment with U.S. Bank’s terms.

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U.S. Bank Premier Lines of Credit

If you need more flexibility in your spending, U.S. Bank also offers unsecured lines of credit up to $20,000. These allow you to pick and choose how much money you spend, and since they’re unsecured, you won’t need to provide any collateral.

As of February 2021, the APR was set at 10.25%. However, it may vary from month to month based on the Prime Rate. Like all lines of credit, you’ll only be charged interest on the money you borrow.

You can withdraw your funds from an ATM, at a branch or online, and U.S. Bank provides both Premier Line Access Checks and a Visa Access Card. There are no annual fees, although there are cash advance and ATM withdrawal fees.

How U.S. Bank compares to other lenders

To see more loans you might qualify for, select your credit score range and state, then click Show me my personalized options.

Data updated regularly
Name Product Filter Values APR Min. Credit Score Loan amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 – $50,000
A prime online lending platform with multiple repayment methods.
Upstart personal loans
7.86% to 35.99%
580 or 600 depending on state of residence
$1,000 – $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
LendingPoint personal loans
9.99% to 35.99%
585
$2,000 – $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 – $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
PenFed Credit Union personal loans
6.49% to 17.99%
650
$600 – $35,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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U.S. Bank reviews and complaints

U.S. Bank receives poor customer reviews — largely because its customer service team is lacking, according to reviewers. While not many of the reviews center around its personal loans, the history of negative interactions with customer service may mean problems with your account could escalate your issues.

How to qualify

To be eligible for a loan with U.S. Bank, you’ll need to meet the following requirements:

  • Good to excellent credit
  • Current U.S. Bank member for 90 days
  • Silver, Gold or Platinum account
  • Verifiable source of income
  • At least 18 years old

How the application works

You can apply for a U.S. Bank personal loan online, over the phone or at your local branch. You'll need to have your Social Security number or Individual Taxpayer Identification Number (ITIN) in addition to your address and information about your employer when you apply.

The loan approval process is automated, so it should only take a few minutes to receive a decision. In most cases, you can finalize your loan application online. If approved, you may be able to receive your funds within a few business days of submitting all necessary documentation.

What sets it apart

U.S. Bank is one of the few banks to offer competitive personal loans — but only for its current customers. Its lines of credit and other loan options also help it stand out among other banks, especially if you need a small amount. However, that’s about all that sets it apart. Lackluster customer service and strict eligibility requirements are par for the course for many banks.

Is U.S. Bank legit?

U.S. Bank is legit, but it did face charges in 2018 for violating the Bank Secrecy Act. As part of its agreement with New York state, it has paid a penalty of $528 million and admitted to its conduct.

For regular customers, it is secure. Its website is encrypted to keep your information safe, and its privacy policy covers how information about you is collected and shared. It also gives you multiple ways to limit sharing and direct marketing — many lenders only offer one option.

Not a current customer? See how U.S. Bank stacks up to the competition with our guide to personal loans. For other options, check out more loans offered by U.S. Bank.

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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4 Comments

    Default Gravatar
    Connie
    June 4, 2018

    I’m looking for a loan for a RV

      Avatarfinder Customer Care
      Joshua
      June 6, 2018

      Hi Connie,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      We do have a guide to help you learn more about how you can get an RV loan.

      You may also want to consider getting a personal loan to obtain the money you need to purchase an RV.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    Walter
    October 12, 2017

    I applied for a us bank premier loan on 10/10/2017, I requested $10,000, now the online application status says loan amount $6000 but the application still in process. They sent me an e mail with a letter that states that my credit score is 684. What are the odds of getting approved for this loan?

      Default Gravatar
      Liezl
      October 13, 2017

      Hi Walter,

      Thanks for reaching out.

      A credit score of 684 is a good rating. However, your credit score alone will not qualify or disqualify you for a loan although this determines your loan amount, rate and term. The bank will assess your overall eligibility based on the criteria mentioned above. Now if you’re unsure of your eligibility, I suggest you contact the bank and verify.

      Kind regards,
      Liezl

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